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Key Resistance Levels: $10, $12,$14
Key Support Levels: $5, $3,$1
Polkadot (DOT) Price Long-term Trend: Bullish
Polkadot (DOT) price has continued to rise as it challenges the $5.80 threshold. Following its previous peak, the crypto asset has retraced to a low of $5.01. The DOT price is currently rising, reaching a high of $5.49.
Buyers hope to restart their upward run above the $5.80 resistance level. A retraced candle body tested the 61.8% Fibonacci retracement level on November 13 upswing. The retracement indicates that the currency will rise again to the 1.618 Fibonacci extension or $6.95 level.
Nonetheless, the altcoin’s price will range between $5.00 and $5.80 if the bullish scenario is breached.
Daily Chart Indicators Reading:
DOT price retraced between the moving average lines on the 4-hour chart. The idea is that the cryptocurrency will be forced to fluctuate while being stuck within a range. When the moving average lines are breached, the altcoin will resume its trend.
The cryptocurrency will rise when the price bars are above the lines representing the moving average.
General Outlook for Polkadot (DOT)
Polkadot has begun a new uptrend as it challenges the $5.80 threshold. Once the barrier of $5.80 is broken, the upward trend will resume. Polkadot, on the other hand, will be forced to move sideways as it confronts another rejection from the previous high.
Meanwhile, the altcoin is retesting the resistance level.
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